Myers Industries, Inc. (NYSE:MYE) announced today that on July 2, 2014
it completed the acquisition of Scepter Corporation and Scepter
Manufacturing, LLC (Scepter). Scepter is an industry leading producer of
portable marine fuel containers, portable fuel and water containers and
accessories, ammunition containers, storage totes and environmental
bins. Scepter employs 350 employees and has manufacturing plants in
Toronto, Canada and Miami, Oklahoma. The final purchase price was $157
million. Other terms of the agreement were not disclosed.
Scepter, with 2013 sales of approximately $100 million and trailing
twelve months EBITDA of $23.5 million, is expected to be immediately
accretive to adjusted earnings per share and to generate a return on
investment above the Company’s cost of capital. The Company anticipates
realizing synergies of more than $2 million on an annual basis driven by
material cost savings and plant efficiencies.
The acquisition of Scepter supports the long-term strategic growth and
profitability improvement plan of the Company. Scepter’s in-house
product engineering and state of the art mold capabilities complements
Myers Industries’ Material Handling Segment in North America through an
increased product offering and greater global reach.
“Scepter is an excellent strategic fit with Myers Industries. As our
third bolt-on acquisition to the Material Handling Segment in the last
two years, Scepter meets our ongoing objective to grow the profitability
of this segment with a business that has a long history of product
innovation and profitable market leadership,” said John C. Orr,
President and Chief Executive Officer.
Orr added, “We are very pleased to welcome Scepter employees to Myers
Industries and look forward to working together to efficiently integrate
Scepter into our portfolio of companies, capitalize on synergies, and
continue to grow profitably while adding value for all stakeholders.”
As previously announced on June 24, 2014, Myers’ has reduced its
reporting segments from four to two focusing on Material Handling and
Distribution, its two core businesses. Scepter joins Myers Industries as
part of the Material Handling Segment.
Conference Call Details
Myers Industries will host a conference call and webcast on Wednesday
July 9, 2014 at 10:00 a.m. ET to provide additional details about the
completed acquisition as well as recent announcements regarding
divestitures and segment realignment. The call may be accessed at (877)
407-8033. Callers are asked to sign on at least five minutes in advance.
A live and archived webcast of the conference call can be accessed from
the Investor Relations section of the Company’s website at www.myersindustries.com.
Click on the Investor Relations tab to access the webcast. Webcast
attendees will be in a listen-only mode. An archived telephone replay of
the call will also be available on the site shortly after the event. To
listen to the telephone replay, callers should dial: (US) (877) 660-6853
or (Int’l) (201) 612-7415. The replay passcode is Conference ID
#13585877.
About Myers Industries
Myers Industries, Inc. is an international manufacturer of polymer
products for industrial, agricultural, automotive, commercial, and
consumer markets. The Company is also the largest wholesale distributor
of tools, equipment and supplies for the tire, wheel and under vehicle
service industry in the U.S. Visit www.myersindustries.com
to learn more.
Caution on Forward-Looking Statements
Statements in this release may include “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Any statement that is not of historical fact may be deemed
“forward-looking”. Words such as “expect”, “believe”, “project”, “plan”,
“anticipate”, “intend”, “objective”, “goal”, “view”, and similar
expressions identify forward-looking statements. These statements are
based on management's current views and assumptions of future events and
financial performance and involve a number of risks and uncertainties,
many outside of the Company's control that could cause actual results to
materially differ from those expressed or implied. Risks and
uncertainties include: changes in the markets for the Company's business
segments; changes in trends and demands in the markets in which the
Company competes; unanticipated downturn in business relationships with
customers or their purchases; competitive pressures on sales and
pricing; raw material availability, increases in raw material costs, or
other production costs; future economic and financial conditions in the
United States and around the world; inability of the Company to meet
future capital requirements; claims, litigation and regulatory actions
against the Company; changes in laws and regulations affecting the
Company; the Company's ability to execute the components of its
strategic plan; and other risks as detailed in the Company's 10-K and
other reports filed with the Securities and Exchange Commission. Such
reports are available on the Securities and Exchange Commission's public
reference facilities and its web site at http://www.sec.gov,
and on the Company's Investor Relations section of its web site at http://www.myersindustries.com.
Myers Industries undertakes no obligation to publicly update or revise
any forward-looking statements contained herein. These statements speak
only as of the date made.
Copyright Business Wire 2014